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He's right. We have spent so much money since the last crash and have nothing left to prop up another crash. There is no more money for another TARP or stimulus or QE.
We breached moral hazard and have only gone deeper into the hole. What was "temporary" is now necessary for GDP numbers.
He's right. We have spent so much money since the last crash and have nothing left to prop up another crash. There is no more money for another TARP or stimulus or QE.
We breached moral hazard and have only gone deeper into the hole. What was "temporary" is now necessary for GDP numbers.
Krugman and his merry band of retards thought the stimulus wasn't enough.
He doesn't know what kind of crisis, nor when it will hit, but he knows it is on its way, he must have a crystal ball
Actually, pretty much every major economist is predicting major problems for the US economy, due to a wide variety of trends that are all pretty devastating and impossible to even address with our current political and business leadership.
I can't find a single legitimate economist that thinks the US won't be getting much, much worse as time goes on.
He doesn't know what kind of crisis, nor when it will hit, but he knows it is on its way, he must have a crystal ball
Timmy is the guy with the bandaids - he knows where all the infection is festering and just "hopes" to keep it covered until he is out of the hot seat.
Does anyone really think the banks or "safe" or that the FDIC has enough to cover the failures? Does anyone really think the USA is not going to be on the hook for European Bank failures? We send Billions to the IMF to prop up the World Bank. Timmy has never told us what happened to the TARP funds that he said were "repaid" - it's all in some sort of "limbo", but it hasn't gone to repay the Trillion dollars that was borrowed for TARP. The GM money is long gone and they are borrowing more on an underthetable line of credit.
He probably does know where the "crisis" will be - Timmy has his job (supported by both Democrats and Republicans) because he is a financial genius who knows where the bodies are buried and who buried them. He is one of the few (a career guy at Treasury) that actually understands how it all works.
Timmy is the guy with the bandaids - he knows where all the infection is festering and just "hopes" to keep it covered until he is out of the hot seat.
Does anyone really think the banks or "safe" or that the FDIC has enough to cover the failures? Does anyone really think the USA is not going to be on the hook for European Bank failures? We send Billions to the IMF to prop up the World Bank. Timmy has never told us what happened to the TARP funds that he said were "repaid" - it's all in some sort of "limbo", but it hasn't gone to repay the Trillion dollars that was borrowed for TARP. The GM money is long gone and they are borrowing more on an underthetable line of credit.
He probably does know where the "crisis" will be - Timmy has his job (supported by both Democrats and Republicans) because he is a financial genius who knows where the bodies are buried and who buried them. He is one of the few (a career guy at Treasury) that actually understands how it all works.
IIRC, the FDIC is only responsible to cover 10% of a persons deposits and it may take months or years to collect following a bank failure.
If people go to their bank today and walk in with a check for $5K to cash (having deposits in their account to cover it of course) they shouldn't be surprised if their bank fails to have the money in the vault to cover it. It would be a huge reality check for many (no pun intended).
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